Finance and Wealth - Tax Return Forms
Finance and Wealth - Tax Return Forms sarah1810

Late tax lodgers could cop large fines

THE deadline for tax return lodgement for 2016/17 has passed and here's what that means for anyone who hasn't had theirs done yet.

The Australian Tax Office requires tax returns be lodged by October 31 each year and can apply penalties to late-lodgers.

Condamine Accountants owner Laura Babington said the average penalty she saw was about $850.

"It varies from case to case though," she said.

"The ATO late-lodgement penalties vary based on the amount of time your return is overdue.

"As of July this year the minimum penalty has risen to $210 and the maximum can be around $40,000, but it depends on how late you are.

"Usually all penalties handed out are also at the commissioner's discretion, but anyone could potentially be liable."

Individuals not registered with a tax agent are required to lodge their returns by October 31, which means individuals cannot complete their own returns from that date.

Returns now must be lodged by a registered tax agent and Mrs Babington urged anyone not registered to do so quickly.